S&P Cuts Ratings on 11,000 Muni Issues

By

Michael Aneiro

Updated Aug. 9, 2011 7:18 p.m. ET

Standard and Poor's downgraded more than 11,000 public finance issues to keep them in line with its newly lowered rating on federal government debt.

S&P said it had lowered to double-A-plus from triple-A the ratings on certain public finance debt issues linked to the federal government, matching the downgrade it applied to U.S. government debt last Friday. The number of issues affected by the downgrades covers less than 1% of the...